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Vietnam listed in world's top 10 remittance recipients
Publication Date : 17-04-2014
Vietnam is listed among the top 10 remittance recipients with US$11 billion in 2013 and the inflow of remittances is likely to stay robust this year.
This was based on the World Bank's latest issue of the Migration and Development Brief.
Remittances to East Asia and the Pacific region are estimated to have risen by 4.8 per cent in 2013 to reach $112 billion, with Thailand, Vietnam and the Philippines recording robust growth.
According to the State Committee for Overseas Vietnamese Affairs, nearly five million Vietnamese are residing in 103 countries and territories around the world.
Remittances to Vietnam amounted to $9 billion in 2011, $10 billion in 2012 and $11 billion last year.
The brief revealed that India garnered the top spot, with $70 billion in remittances. Other major recipients were China ($60 billion), the Philippines ($25 billion), Mexico ($22 billion), Nigeria ($21 billion), Egypt ($17 billion), Pakistan ($15 billion), Bangladesh ($14 billion) and Ukraine ($10 billion).
Remittance flows to developing countries are estimated to increase by 7.8 per cent over 2013 to reach $436 billion this year and $516 billion in 2016.
The World Bank perceives remittances as a key source of external resource flows for developing countries, surpassing the official development assistance and far stable than private debt and portfolio equity flows. For several developing countries, remittances are an important source of foreign exchange, exceeding earnings from major exports, and covering a substantial portion of imports.
The brief also pointed out that while the medium term outlook for remittances is strong; the downside risks loom large mainly from the migrants returning to their home countries as a result of conflict or deportation from host countries.
Global remittances, including those to high-income countries, are estimated at $581 billion this year, from $542 billion in 2013. This is expected to increase to $681 billion in 2016.